6 Tips For Budgeting And Saving Money
There is an old saying that patience is a virtue and that is specially true when looking at tips for budgeting and saving money. Take time before making any purchases, major or minor, to consider whether or not you really need them. You can save yourself a lot of money by exercising the moral fortitude of patience.
Here are six areas to get you started.
1. Do not take the car on short journeys – walk. Gasoline is expensive nowadays and a car uses more when it is just warming up so it is best to cut out these short trips. Not only that you will not have to pay any parking fines and walking is better for your health so you will have to pay less on medical bills in the future.
2. Wait 24 hours before you make any non essential purchase. This will give you the time and opportunity to search and compare from a number of different suppliers. The internet makes this a lot easier than it used to be. Check out 4 or 5 different retailers. You will be surprised how much the prices vary by.
If you tell them that you are doing a price comparison exercise, it is amazing how much their price will suddenly drop by. You can only gain from this.
3. Look out for all the coupons. Take time to clip them out of the newspaper and make sure that you take them to the shops with you. In fact keep them in your handbag or wallet so that you have them whenever you need them. It is very frustrating to reach the checkout and find that you have left them at home.
There are now ecoupons for use in internet shopping. You can usually save about 10% at least with them.
4. Record everything you spend money on. Hang on to all your till receipts and put them in a record book or spreadsheet when you get home. Even if you go to spend a penny, record it.
This is the only way you can find out how you spend your money. You will also know when a credit card or other bill is due for payment and can make sure there is enough money to cover it.
5. Wait at least 24 hours before making any “want” purchase. Rather than buying something that catches your eye whilst out window shopping, go home first and see whether you feel the same about it tomorrow.
Also check your spreadsheet. If you eventually buy you will know that you do really want it and can afford it.You will find that you will do a lot less impulse buying this way.
6. Set up an emergency fund. You never know when you need a car mechanic or a plumber. If you have the money there all ready, it will not be as painful.
I hope these tips for budgeting and saving money will set you off on the road to being much more in control of your financial planning future.
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Trent this is not a sexy topic but so important. I would say also that use the same advise you gave for shopping for want for internet shopping as well. They are counting on us to impulse-buy, but that can often lead to us messing up the budget!
Lynda Cromar recently posted..Success in MLM Network Marketing – Take Masive Action!
Twitter: lynnjonesie
says:
Hi Trevor,
These are great tips for budgeting and saving money. I think I spend carefully and don’t purchase foolishly. BUT, number 1, I am so guilty! Just this evening I drove 1 block to my daughters house because my grandson wanted me to come see the Christmas tree they just put up. Why did I do that? Because it is freezing outside! I live in a small town and my daughters live close, the post office is close, church is close, but often it is a time factor and weather conditions that detour me from walking.
Thanks Trevor! I always appreciate your common sense tips.
Lynn
Lynn Jones recently posted..Networkers and Bloggers are Goo-goo and Ga-ga over Empower Network
Hi Trevor,
I like your tip for thinking 24 hours before you make a purchase. In these uncertain times we all to think wisely before we spend are hard earned cash. Take care Rosemary
Rosemary O’Shaughnessy recently posted..The Simplest Encryption Software for Protecting Files and Folders at Home or on the Move
Twitter: paulreimers
says:
Great tips Trevor,
I especially like the one about not taking a car out for short trips and the idea of recording money spent.
I live in San Francisco and I am used to doing a lot of walking. When I visit friends or family that are in more of a suburban area, it’s surprising to see how little walking they do.
In terms of recording expenses, what I love most about this is that it creates more self awareness. Spending a lot of money isn’t good or bad, but lacking awareness of expenses is being in the dark and on the way to trouble.
Paul Reimers recently posted..Review of Empower Network – Will This Tool Really Help You Build Your Business?
Twitter: blondishnet
says:
I love money saving tips. I still need to buy a new printer for online coupons…lol.
Since it is relevant and it is getting colder.
Save money on your heating bill the penny pincher way
Insulate your windows and doors or at least make sure the cracks between are not pulling in outside air. Some use plastic wrap or sheets. At stores, they may have some door covers. Might be tacky, but it works. Also, set the thermostat no more than 55 or 60. Wear layers in your home instead. You have to at least have enough heat in the house so your pipes will not burst.
Also, on gas… you can save gas by turning off the heat after the car has warmed up. Set your car to pull in the heat from the engine. There should be a nob with the symbol showing how the heat comes in. You could also, if you do not want to turn off the heat, leave the heat on a lower setting and still have it set to pull in the vehicle’s engine heat.
Do not fill up when the gas station is getting more gas delivered. That new gas brings up the sediments from the bottom and it puts impurities into your gas line and your engine… thus ruining performance.
Thanks for sharing!
Nile recently posted..Fiverr And WordPress Support Questions Equals FAIL
Thanks Nile for the extra money saving ideas. They are fantastic.
I think everyone should read your post Trent!! Great tips! I am sure to pass it on! I am heading over to vote for your blog now!! Keep up the great work
April Marie Tucker recently posted..How to have your TURKEY and EAT it too!! Happy Thanksgiving!
Thanks for this very useful post. I agree with you completely about all the tips for saving money. I also walk a lot instead of using the car when i go to the supermarket. I think very good before i buy something. And the most important thing – i collect coupons for different products – that is a great money savior. I managed to save a lot of money on electric bills using tankless water heaters (that would be one more tip)
EleonoraEOF recently posted..Comparing Jenny Craig to Nutrisystem
This are great tips Trevor. I just want to share that having a list whenever you grocery shop is helpful to stay in track with your budget. This works for me and i feel that it would also work to all your readers out there.
Twitter: EBScribblings
says:
Hello Trevor,
Good tips there. Waiting 24 hours before making a “want” purchase (or any major purchase for that matter) is especially good. Thanks for that.
Hamish recently posted..Kindle 4 – Is It Amazon’s Ace In The Hole?
Thanks for the visit Hamish and yrs, impulsibe buys are a big challenge for a lot of people.
Having such a list helps a lot to organize your time and seeing what’s really happening with your budget. And the part with waiting 24 hours, I like a lot..How hard is though..:(
Anna recently posted..cosmetic dental
Hi Trevor,
I was doing OK until I got to the part of writing down everything you spend. I tried that a few times, and never finished it!
This is really going to upset all those marketers who pressure you to purchase their course before the clock ticks over in 1 hour!
Great stuff.
John Gaydon recently posted..Scratch My Back And I’ll Scratch Yours
John, for a lot of people writing down all they spend could take a long time. However, during that time, they are not spending any more
Got to put a positive attitude to it…
I have a dog and dog bones can be brought cheap at the dollar store. I then break this into three pieces and that way the dog gets a treat and I save money. When I am using the car and come to a hill, I take the foot off the gas and coast as far as I can. It really does not have to be a big hill either. Keep the windows rolled up in your car as having them open causes you to use more gas. When using washing machine soap in a liquid form, I pour it into the cap but I only fill halfway as that is enough to get your clothes clean. Instead of using the dryer in the summer months, hang your clothes on a line. They smell great and you save money. Even in the winter if I wash jeans or T-shirts, I hang them on a clothes tree to dry. I do not have a cellar or I would hang a line in the summer. I have each family member use their towel more than once after they shower. If they are the only one to use the towel, then I feel it can be used twice. I shop for toys either at yard sales or at thrift stores. Toys are expensive and this is a way to save money. For some reason, I do not like to buy stuffed animals at a yard sale.
jaegar recently posted..100 day marathon plan
Jaegar, those are some excellent ideas you have introduced to us all there.
Thanks for sharing this really interesting article. It’s so important to follow these tips. I bought a lot of things because I thought I needed them but after a few weeks or months I realized that I didn’t need it. Keep on the good work!
Peter recently posted..Conference call manners
Twitter: HansSchoff
says:
Hey Trevor, great tips! Another strategy I came across recently was to look at the price of your purchases in their future cost equivalent. Basically, if you took the money you were to spend on a certain item and instead were to invest it, look at the opportunity cost of that purchase and what it would have cost you over 5 years. A good rule of thumb is if something you purchase was 5 times the price you paid for it, would you still pay the price to get it? Because that is the potential amount of money you would have missed out on over 5 years had you instead invested it. Think about that the next time you buy something. Is that $5 coffee really worth losing out on $25 potential dollars? Was that $500 TV worth missing out on a potential $2500 return? It will make you take a different look at your purchases!
Hans Schoff recently posted..Wealth Secrets For Creating Wealth Long Term
That is an absolutely fabulous way of looking at how valuable a product is Hans. I have not come across it before and may well expand on it in another post if you approve…
Hi Trevor,
Great tips here! I’m a nightmare with spending, not on nonsense stuff, I don’t need loads of shoes, handbags, makeup or anything like that! But I am impulsive! For example, I wasn’t looking to buy a house but one random phone call from a friend wanting me to buy his house and 30 minutes later I’m on my way to the bank to draw out a load of cash to buy it! These are probably the decisions I should sleep on!
I think that there’s a lot to be said for thinking of personal income/expense like a business.
Top tips, thank you!
Emma
Emma recently posted..Planning for the festive season
It is amazing how different people are impulsive about different things but a house… honestly
Twitter: AnnCapatino
says:
Hi again Trevor,
This is a great list for people setting up their initial budget. Good points on getting coupons online, as well as in the paper. I never think to look for coupons when I decide to purchase something. That is a good tip. Also, the time frame wait to purchase – awesome idea. And, I bet it really works. I have always tried to keep a spread sheet of what we spend. It is amazing how much information you can get from that one thing. Definitely see where you are ‘throwing’ money away! I really get so much good information from your blog.
Ann recently posted..California Debt Consolidation
Ann, nything I buy online I always search for the store name and coupon. It is amazing how often I save 10 or 20 percent.
Twitter: ImAHotMom
says:
These are indeed very useful tips, Trevor. I especially liked the walking tip. Not only will you save gas but it makes you more active as well. I do have to work on the coupon aspect. I actually have a separate mini organizer for my coupons in my purse. I just keep on forgetting to use them! lol! I guess I need to do more planning and actually check on which coupons I can use before even leaving the house.
Cherrie Bautista recently posted..Growing Your LinkedIn Network
Cherrie, I think that we all get the coupons out from time to time and find they are out if date.
Walking or taking the bike is certainly a really good way to save money and it’s good for the health as well. This in turns ensures that we fall ill not as easily, with the welcome outcome of not having to spend additional funds on medication.
Stevie Smith recently posted..Dating Tips For Women
Twitter: steveborgman
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I know from my experience of getting my finances more together this year that tracking and budgeting are KEY. I thought I would share a free app that I’ve been using to keep track of receipts so that I don’t end up with an overpacked wallet of receipts: http://www.lemon.com
Steve-Personal Success Factors recently posted..Cut Through Your Problems Like A Knife Through Butter
Trevor, Not a happy topic but one that everyone needs to follow. With the cost of living and so many people without work your tips are so valuable. Thank you and keep them coming.
Darryl Burgess recently posted..You Loser!
It is a pleasure Daryll.
Twitter: ChloeHodder
says:
“Wait 24 hours” ha, I’m such an impulse buyer. Good reminder to be more aware of where the sand is pouring through the cracks! I think it’s important to use money effectively, but not to live in the scarcity mindset.
As long as you go on making lots of money Chloe, you can be as impulsive as you want to be.
These tips are very useful like taking the car for short rides if you can also take the bicycle and the 24 hour tip in that period of time you also reconsider it if you really want to buy that product.
Linda recently posted..smart parking schiphol
Twitter: hmn4sale
says:
Recording everything you spend money on is really helpful in budgeting and saving money. By doing this you are able to track all your expenses.